RE:PREDICTION: GOLDEN DAYS AHEADFrom our good friend Luke Less than 60 days ago !!! Luke555 wrote: I’d like to share some of my insights on the corporate ownership of IAMGOLD-IAG. For years, I’ve been exposing the shenanigans that have been going on within the company. Listed below are some of the companies that have been voting annually in the over 90% range for the incumbent executives in order to ensure that they they retain control of the company.
One wonders, what games that these ownership companies have been playing behind the scenes in order to satisfy their rate of Returns to their shareholders. In my opinion, these big institutional owners represent the worst side of our capitalistic system.
Today, Maryse Blanger, Chair of the Board and Interim President and CEO, is the latest figure head to lead the demise of the company. It really is a sad story and it appears that she will be the scape goat of this disaster. The closing share price on 10/14/22 is CDN. $1.44 and US $1.05 and is heading toward historic lows. Do not tell me that all the gold mining companies are all suffering under the brutal low gold price. I admit that its part of the problem, but it did not have to push IAMGOLD to historic lows; they had many opportunities to support the IAMGOLD price and keep it at reasonable levels. The current management group that are in the twilight of their careers did not align their goals with the retail shareholders, this self-serving bunch of executives were more concerned with protecting their positions and vested interest in the company.
The company finds itself overburden with mounting operational cost, Cote construction over-runs, keep falling behind the completion schedule, and major financial liquidity problem, key members of executive team have suddenly departed from this monstrous situation.
With the share price crumbling and potential bankruptcy around the corner, along with the possibility of being delisted from the NY Stock Exchange, where does this leave the company?